POP MART(HK:09992) 36氪未来消费·2025-12-26 09:11Core Viewpoint - The article discusses the rapid rise of the new IP "Star People" under Pop Mart, highlighting its successful collaboration with Heytea and the overwhelming consumer demand for related products, indicating a strong market presence and potential for future growth [4][5][7]. Group 1: Product Launch and Market Response - On December 22, the collaboration products between "Star People" and Heytea were launched, leading to immediate sellouts, particularly for the popular tea bowl priced over 78 yuan [4]. - The products achieved the highest popularity on Meituan, surpassing other notable collaborations, indicating strong consumer interest [5]. - A store employee noted that "Star People" and LABUBU are currently the best-selling IPs, with many products frequently out of stock [6]. Group 2: Financial Performance and Projections - By the first half of 2025, 13 artist IPs under Pop Mart are expected to generate over 100 million yuan in revenue, with "Star People" contributing approximately 400 million yuan, making it the fastest-growing new IP [7]. - Morgan Stanley predicts that "Star People" will account for 8% of the company's total sales by 2027, up from 2.8% in the first half of 2025 [7]. Group 3: Market Dynamics and Pricing - The article highlights the high demand for "Star People" products, with significant price premiums in the secondary market, such as a plush accessory priced at 929 yuan, reflecting a 16-fold increase before its release [10]. - The resale prices for blind boxes have also surged, indicating strong market speculation and consumer interest [10][11]. Group 4: Marketing and Brand Strategy - Pop Mart's marketing strategy includes placing "Star People" prominently in stores and developing a dedicated theme song to enhance brand visibility and consumer engagement [15]. - The company has effectively utilized celebrity endorsements to boost the IP's popularity, with various stars promoting "Star People" [15]. Group 5: Operational Strategy - Pop Mart employs a testing approach for IPs, assessing their performance across different regions and stores, which allows for rapid feedback and scaling of successful products [20][21]. - The company's extensive network of direct stores enables it to minimize costs and receive timely market insights, facilitating the growth of successful IPs like "Star People" [20].